智度股份控股股东遭部分LP请求解散：私募基金控股上市公司经典案例走到了关键时刻

Core Viewpoint - The announcement from Zhidu Co., Ltd. reveals that its controlling shareholder, Beijing Zhidu DePu Equity Investment Center, is facing a lawsuit from 12 limited partners seeking its dissolution, which could potentially alter the control structure of the company [2][4][8]. Group 1: Lawsuit Details - Zhidu Co. received a notice on September 5 regarding the lawsuit filed by the limited partners, citing the expiration of the partnership term as the reason for the request to dissolve Zhidu DePu [4]. - The lawsuit is characterized as a dispute between the controlling shareholder and a minority of its limited partners, and it does not involve the listed company directly [4][8]. - The partnership was established in December 2014, with a management term set to expire on December 9, 2024 [4][6]. Group 2: Historical Context - Zhidu DePu became the controlling shareholder of Zhidu Co. in 2014, marking a significant case as the first instance of a private equity fund controlling a listed company in China [6][7]. - The shareholding of Zhidu DePu increased to 45.78% by 2016, but it has since reduced its stake to 16.52% as of June 2025 [6][7]. Group 3: Implications for Control - The limited partners involved in the lawsuit represent only 19.82% of the total investment, and Zhidu Co. has stated that no decision to dissolve has been made by the partnership [8][9]. - Legal experts suggest that the likelihood of the court supporting the dissolution request is low, as it typically hinges on whether the partnership is in a state of continuous deadlock [9][10]. - The potential dissolution of the controlling shareholder could impact the governance and strategic continuity of Zhidu Co., depending on how the situation is resolved [9][10]. Group 4: Regulatory Environment - The legal framework surrounding private equity funds as controlling shareholders in listed companies is still developing, with calls for clearer regulations regarding exit mechanisms [10][11]. - Recent regulatory encouragement for private equity funds to acquire listed companies indicates a growing trend in this area, although the specific case of Zhidu Co. highlights existing challenges [11].